INOX India Limited – An IPO To Not Miss Out On!!

INOX India Limited is India’s leading cryogenic equipment supplier. The company has over 30 years of experience in designing, manufacturing and installation of equipment for cryogenic conditions.

Cryogenic refers to the science of producing an effect of very low temperatures. Many gases like argon, carbon monoxide, fluorine, helium are stored under cryogenic conditions. The cryogenic temperature range is from -150°C to absolute zero. INOX India was the largest supplier of cryogenic equipment in India by revenue in fiscal year 2023.

The company’s product portfolio includes cryogenic tanks and equipment, beverage kegs, bespoke technology, equipment and solutions as well as large turnkey projects. The company’s products cater to various industries such as industrial gases, liquified natural gas (LNG), green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace, pharmaceuticals and construction.

It has three primary revenue sources:

  • Industrial Gas: This division manufactures, supplies and installs cryogenic tanks and systems for storage, transportation and distribution of industrial gases like such as green hydrogen, oxygen, nitrogen, argon, carbon dioxide (CO2), hydrogen and provides after- sales services.
  • LNG: This division manufactures, supplies and installs standard and engineered equipment for LNG storage, distribution and transportation as well as small-scale LNG infrastructure solutions suitable for industrial, marine and automotive applications; and
  • Cryo Scientific: This division provides equipment for technology intensive applications and turnkey solutions for scientific and industrial research involving cryogenic distribution.

The first Indian company to manufacture a trailer mounted hydrogen transport tank, which was designed jointly with the Indian Space Research Organisation (“ISRO”). (Source: CRISIL Report, November 2022). We produced and shipped a 238kl liquid hydrogen storage tank for the first liquid hydrogen plant in South Korea. We also have recently produced & shipped four 311kl liquid hydrogen storage tanks for another customer in South Korea for the construction of three liquid hydrogen plants.

IPO Details :

IPO Open :14 December 2023

IPO Close : 18 December 2023

Price Band : 627 to 660 Rs Per share

Lot Size : 22 Shares

Face Value : ₹2 per share

Listing Date : 21 December 2023


  • Achieve the benefits of listing the Equity Shares on the Stock Exchanges.     
  • Further, the Company expects that the proposed listing of its Equity Shares will enhance the visibility and brand image as well as provide a public market for the Equity Shares in India.

Financial Information:

Period Ended31-Mar-2331-Mar-2231-Mar-21
Profit After Tax152.71130.596.11
Net Worth549.48502.28371.51
Amount in ₹ Crore


·    It is the largest Indian supplier of cryogenic equipment by revenue. In FY22, its revenue was four times higher than the second-largest player in the segment.

·    High customer retention. Repeat customers accounted for 49 per cent of its FY23 revenue.


·   Revenue concentration: Its top 10 customers accounted for 47 per cent of FY23 revenue.

·   High working capital requirement. It has a high cash conversion cycle, around 147 days in FY23, and has to rely on debt for working capital requirements.


M-cap (Rs cr)5990.4
Net worth (Rs cr)554.238
Promoter holding (%)75.2
Price/earnings ratio (P/E)34.7
Price/book ratio (P/B)10.8


INOX India’s journey of 30 years, coupled with its commitment to quality and innovation, positions it as a promising player in the cryogenic solutions space. The IPO not only marks a significant milestone for the company but also opens doors for investors looking to align their portfolios with cutting-edge technologies and sustainable practices.

The INOX India IPO presents a compelling opportunity. The company’s strong financials, strategic market positioning, and growth potential in emerging sectors make it an attractive proposition. Investors are advised to conduct thorough research, considering their risk appetite and investment goals, before participating in the IPO.


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